For NVidia drivers after 337.88 CUDA option is unavailable:
1. Download 337.88 WHQL driver from NVidia website
2. Extract it to some folder with 7z
3. In Display.Driver folder extract nvcuvenc32.dl_ with 7z to nvcuvenc32.dll and rename it to nvcuvenc.dll
4. Copy nvcuvenc.dll to the Freemake installation folder
1. Download 337.88 WHQL driver from NVidia website
2. Extract it to some folder with 7z
3. In Display.Driver folder extract nvcuvenc32.dl_ with 7z to nvcuvenc32.dll and rename it to nvcuvenc.dll
4. Copy nvcuvenc.dll to the Freemake installation folder
The end result:
Note: NVidia drivers 347.09@GTX970, Freemake VC 4.1.5